Topic: Food for thought - page 6. (Read 963 times)

Everyone should have this mindset as it'll help out alot. Starting a business can be done very quickly from the comfort of your home and with the help of the internet. There are many businesses you can now do without it taking your time. You can automate the business too and they generate revenue that you can use to support your main hustle. Having a side hustle isn't just about having something to fall back on in difficulty times like your boss sacking you but also for financial support. A business or side hustle gives you more confident in life and can make you leave a bad job that the salary is the only reason you're still doing that job. We shouldn't be doing a job we hate but many people can't quit because they don't have other options.


Don't put your financial destiny in the hands of one job/hustle too because it mustn't be your boss firing you before you lose that job. Something horrible might happen and the job is gone, what then will you do. We're in the digital age, get yourself a digital skills that you can use in any part of the world you find yourself. Don't only depend on the physical business, have online ones too. Having just one source of income is a disaster waiting to unleash and can't make you wealthy. Investing shouldn't be the side hustle, side hustle are for bringing in money and not multiply money. Multiplying are for investment so don't consider investing a second hustle that you have as that's mandatory for anyone seeking wealth.

In the Philippines, that's a massive staple. Most people who have worked 9-5 here would have retail stores available as well to support them, and since people here loved the sachet culture, these stores are always booming regardless of the economic state of the country. In any case this also entails that you have to be on the pulse with the market trends and stuff if you want to make it out alive cause there's no way you'd get away with a willy-nilly business idea no matter how much money and marketing you put into it.

Basically all I really wanna say is that more than having a side hustle you work on, you also have to be well aware of what this side hustle you're seeking is all about so you don't waste money and effort.

It's not everyone who can establish, manage, and maintain a business; the reason is that they did not actually learn it. Not everyone is an entrepreneur, and if you don't have an entrepreneurial spirit, there's no way someone can even think of starting a business to offer some service to the public and earn from it while they are still working. Another thing is that there is some work you will be doing, and you will not have any quality time for yourself to talk about entrepreneurship.

Some people are also employed in some Bitcoin company where they are receiving a very huge salary. They see that life is good for them, so they only save for the future and also invest in other things.

The faith depends on how long they have been working for that institution and how much they earn monthly. If they have good pay while working there they may have saved up a good amount of money to start a business after that. Governement officials are being paid their pensions after they are retired it is also a good way or a good amount to start something if you the person use the money wisely.

This should also start as an eye-opener to those currently working for the government or an entity. My candid advice to such a person is that while working they should venture into something or a business that could serve as another means of getting money. Relying solely on your government work will not do anything good. This is because when new governments are in the seat, new policies and decisions are made, and if a person is lucky he/she will be affected by those policies and may lose their job.

Business is really important in one's life. If you don't have any extension from your original source of income, you will really find it hard to sustain all the needs of your family, and if ever you can, saving for emergency funds will not be part of the plan anymore. That's why its an advantage if we have a business that will help to generate profits for us. In case we lost our job, we still have another soure of income that will provide for us.

It must not only be business, other kinds of investments that can give some level of financial confidence is advised. Business is not for everyone, and in cases where business is not for you, it will take more from you than it will give you.

Before starting a business even as a government worker, or someone earning very well under the private sector, consider the business you are about to start and know if it is a marketable business in your location or not, Know if you are a business person or not, if you are a business person, it will be okay to proceed, but if not, you will need not to proceed with the business plan, or better you employ a manager with god business skills.

I work in one of the government agencies and I have not been disturbed and do not feel that this is a suicide scheme from what I am doing because in the end everything has its own proportion and level of management.
I think working anywhere will not be a problem if we have a plan to meet the future with good financial management that will not make us slaves to the regime or whatever it is that makes our economy destroyed.
I agree with looking for a side job or whatever it is called but in the end what I emphasize in this case is that I think it doesn't matter where we work whether we are in an institution or government agency as long as we are comfortable and we have the advantage of being in it why not. As for other options such as side jobs or investing in bitcoin for example, it is not an obstacle for us to close ourselves from the work being done because investment is a future program and has nothing to do with the work we are currently doing even though it is in government.

I think that opening a business requires capital, but even with small capital it can be done, because there are also businesses that can be run with small capital. and there is nothing wrong with opening a small business to make extra income or for a side, because generally a well-run business can grow because no one knows that the business that is run might become a big business. many people don't realize this, because they don't think long, I mean when they want to open a business but don't have enough capital, they don't continue it they choose to quit instead.

I mean, it's not a problem to open a small business if you really need extra income, because basic daily needs must be met such as food, electricity, water, and kitchen ingredients, that's the main thing in life because if they can't fulfill all of that then they will probably have difficulties with their lives. so in my opinion it doesn't matter if they open a business, even if it's a small business, it doesn't matter.

Sometimes, it's easier to say than done. Who would not want to have a business of its own, aside that it adds on your source of income, the way to earn and save big profits is faster than what you get from your salary from your main job. Unfortunately, not everyone is given the opportunity to start a business. Most likely, our salary from our job is only enough to sustain the basic needs of the family, saving some spare money to invest on a business is actually tough and hard.

While those who are given big opportunities to have their own business, they should learn to maximize their productivity to ensure bigger profits, because not everyone has the capacity to start their own business.

there are many incidents like this, people who are too comfortable in their jobs end up regretting their decisions as a result of job layoffs and so on, but the reality of life often means that we have to depend on a job for our living so actually it is not entirely the fault of the individual. Everyone is currently required to have more income and savings because there are many things that are difficult to predict in the future.

The reality of having one source of income sucks especially if it's not that high paying at all. Jobs in the government varies on the position but a friend of mine is happily serving through it even if the salary is just enough for his family. I agree to start a little business that you may eventually leave your day job. But it's not for everyone because whether you want it or not, when you're able to start a business, it doesn't end there and many struggles in maintaining it because it's not easy as someone may seem to think.

I agree with you, those with limited income should be able to realize that if they only rely on their work which is clearly limited then they will feel deprived, they should be able to try to start a small business to help their finances later, this needs to be considered because by starting a business even if it's small in my opinion it doesn't matter, as long as it's profitable there's nothing wrong with it. also the risk is definitely there but I don't think it means not doing or not moving forward, do new things that can produce that's what you should do.

or they can also borrow money to start a business, it's better that they work as well as have their own business because it will generate more profits that can help their basic needs be fulfilled. step forward, don't hesitate with it, do it well, it will definitely generate benefits and don't look at the benefits if it's small, it's better than nothing.

Having different sources of income without a doubt is important to have these days, however this does not necessarily has to come from starting a business as there are many ways to do this, you could simply work another job, rent a property, become an investor or live out of the royalties of your inventions or other creative works, with this in mind it is key that we do not limit ourselves to a single solution and we pick the one that fits our skills the best.

There are most appropriate recommendation, especially four us still related to work in government agencies, existing regulations will definitely change with changes over time in the institutions that oversee our work possible that we could lose our jobs in government agencies. Before facing bad thing in the future how potential we are sacking from government agencies need to prepare side or small business scale how to protect and supported with our financial in the future. Right now, relying on one business as your main income is not enough, with inflation increasing quite high every year and prices of basic necessities continuing to increase significantly, we really need side or additional jobs to get income apart from the main job in government agencies.

Its doesn't just apply for people working in government agency but for all people need to back their business with have another or side job for getting additional income.

In Sri Lanka government workers were routinely given 1 day off a week to cultivate and grow food for themselves, their family and community.  Because as you say government is not the perfectly stable rock that people imagine due to its size its an easy impression to give.   Like titanic big things can sink also in an unimaginably ways, theres always something larger a greater force that can take down even a government.  
   The study of economics should be in respect of natural dynamics,  the largest forces arent government programs built on debt but the people themselves are the strength and wealth of a nation.

I think we forgot that last bit, too many people think or respect politics as the unstoppable force when its fragile and leaning on the backs of the common worker.   I dont know about you but the common worker is poor and already struggling  to raise a family usually, government wealth relies on taxing these people working them to death in some cases into poverty and poor health.
  Its a fallacy, I dont want to explore what happens when we're wrong and ignore the danger I already know and agree with OP people are productive and governments only succeed harnessing those people.   When we over tax, over spend and waste money as governments are so inefficient we are risking the entire country lets be aware of that mistake and steer away from hubris of modern 'rich' society be humble expect setbacks.

A person's money situation can really differ depending on their job and savings.  Some people have extra cash and investments piled up so even getting laid off they'd be fine still going out to eat.  Others live check to check, and if they lost their job they'd be in big trouble affording groceries and rent.

What was your job description for entity or government, if you don't mind answering?

Yeah been thinking about this for quite a while now, but bills keep coming every month! HAHA!

My company is a US based organization, recently they have been laying off employees to protect their business, I mean I get it, if I'm the leader of an organization whose in a recession country I would have done the same, I think that's pretty common and the most likely to do thing if you own or run a business. If I were laid off, I would end up being a bum in the street, like no kidding, this is my main source of income about 90% of my income, I don't know if I can survive 6 months if they laid me off. So the business thing is on my plan, I need time to make it happen.

No one will realize the need to have their own business unless these people with stable jobs are starting to experience financial incapacity and made them force to take debts because it's badly needed to. They will realize that having only a single source of income is not enough to raise a family or make your lives improved and live with financial security. Admit or not, those people who engaged in business are living more free from debts unlike those who are employed that are almost buried with debts.

While having another source of income is a must, but still there are people who chose to focus on a single job not because they're used to it, but because they are afraid to come out from their comfort zones and take the risk and eventually fail in the end.

Where I live is a low-income country and the situation here is different. Many educated people in low-income countries struggle to find stable employment and are forced to take low-paid, insecure jobs or even work in the informal sector. Finding an additional source of income becomes imperative where there is no guarantee of employment. We all know roughly the global situation. The price of every thing is constantly increasing. In low-income countries, relying on one income alone will not get us far into the future. An additional source of income is very important for us besides the job. I think an extra income can provide a sense of security and independence.

I know it's everyone's dream to have his/her own business because it's a common knowledge to everyone that we don't get improved or become rich just by staying in a single job or a government job, but by having our own business the rate of chances to get rich or make our lives comfortable is very high. That's why a lot would even chose to start their own business and leave their jobs permanently.

However, not all are given the opportunities to become the bosses of their own. Saving one's own capital is very hard, and when it comes to business, the rich men have always the advantage to start first, while leaving the poor men struggle first so they can come up with sufficient finances to funds their business.